The situation we are faced with now is whether or not we should take a chance and renovate one of the units bathroom and kitchen prior to selling in hopes of making a return on the money put in for the renovations.

To win, think about spending money on good resources, reading books by top investors, and finding a mentor.

If your contract states the percentage you get from future bookings...usually it's 10%...take that and have the owner move all bookings to their listing.If you don't have a contract, I'm not sure what to suggest except to split ways peaceable, even if you lose money.

Secondly the I wanted to obtain the property with no or little money down in other words FHA but I don’t live in the area nor do I work remote. 

You need to create a "money listing"!

I advise people to hold property forever unless they can move the money into another investment that produces a greater return or moves them closer to their goals.

I would do a bridge note at 50% LTV, take the cash out now, put you and your sister on the loan, build the ADU now (time is money)..

So, some ideas would be:* take some additional courses/webinars, etc on how to obtain appraisal business, especially private appraisal work (from attorneys, cpa's, direct from homeowners, hard-money lenders, etc).

As a recent college graduate, I'm going to assume that you're not able to throw money around and put massive down payments on homes. 

I would put even less weight if a 'financial advisor' is doing other services such as taxes / insurance because he / she is looking to make money in anyway possible.I personally think if you want some financial advice, you should seek someone with the CFP(certified Financial Planner) designation.